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avivafinancial
86 Posts |
 Posted - 07/07/2008 : 4:00:37 PM
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well... with indymac gone, theres only so many lenders to go to now..
I did a lot with Indymac and Amtrust.. but what now? :(
Just signed up with new lender.. BayCal Wholesale Lending
Lend only in CA... todays 3/1 Conforming rate is 4.875% Par, 5.5% with 1 % rebate.That's not bad... if u guys want to use him, call the AE / VP Michael at 408-373-8800 if you guys are looking for someone to replace your indymac.
cheers. |
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dkendall1979
10261 Posts |
Posted - 07/07/2008 : 4:02:02 PM
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| Myself and Robert Callas already called all the Indymac spill-over, I guess you didn't get the memo? |
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mantixmortgage
2717 Posts |
Posted - 07/07/2008 : 4:05:26 PM
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yea, loans can only be sent to myself at Excel or Dave at Trust One
this guy at BayCal must not read his email |
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blainoj
59 Posts |
Posted - 07/07/2008 : 9:21:49 PM
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| I called this place today and no one had any idea what was going on. The rep did not even know if they are portfolio or if they sell their loans. We looked at their rate sheet and called a few of the contacts and no one could answer any questions. If a rep cannot answer simple questions there is no way I'm sending a loan there. Check out the rate sheet and see if you notice anything wrong about it. Funny that the poster of this topic works for the company that produces the rate sheet for BayCal online. The URL for the rate sheet has his companies name in it. |
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mantixmortgage
2717 Posts |
Posted - 07/07/2008 : 9:37:18 PM
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ahaha wow.
blaine, do you need a broker package? shoot me an email.
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mantixmortgage
2717 Posts |
Posted - 07/07/2008 : 9:42:26 PM
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http://www.avivarate.com/index.html
that opening quote on their website is pretty hilarious though |
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arrakis
52 Posts |
Posted - 07/07/2008 : 9:42:51 PM
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quote:
Originally posted by avivafinancial
well... with indymac gone, theres only so many lenders to go to now..
I did a lot with Indymac and Amtrust.. but what now? :(
Just signed up with new lender.. BayCal Wholesale Lending
Lend only in CA... todays 3/1 Conforming rate is 4.875% Par, 5.5% with 1 % rebate.That's not bad... if u guys want to use him, call the AE / VP Michael at 408-373-8800 if you guys are looking for someone to replace your indymac.
cheers.
Good Riddance. Indymuck was one of the worst lenders we ever had the displeasure of dealing with. It may be isolated to South Texas but we blacklisted them over a year ago. They screwed up too many loans and then couldn't make up their mind if they were or were not doing business in TX. Their demise is woefully overdue.
For some strange reason the song "ding dong the witch is dead" keeps playing alternating with "another one bites the dust"
My advice is partner with a lot of Portfolio Lenders. They are the only ones doing "interesting" loans now a days. If not that get real good w/ Credit repair and customer service then put the people into FHA and/or Conventional with other lenders. Service and relationship management are now King and Queen respectively. |
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mantixmortgage
2717 Posts |
Posted - 07/08/2008 : 01:02:51 AM
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portfolio lenders?
you mean banks that aren't taking on any new brokers? |
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ski2313
749 Posts |
Posted - 07/08/2008 : 04:41:27 AM
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portfolio lenders aka banks that hold their own paper and can lend money however they wish (not fannie/freddie sellers)
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HollywoodLO
261 Posts |
Posted - 07/08/2008 : 05:44:07 AM
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The office that I work for writes through only a few lenders out there:
United Wholesale Mortgage (pricing isn't great, but it is about a 72 hour FHA process); Security Atlantic (sub 580 FHA); Citi (PA FHA lender); and every now and then Franklin American (pricing is really good, but your file BETTER BE spot on). Hope this helps. |
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CoralSnake
10880 Posts |
Posted - 07/08/2008 : 06:07:52 AM
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quote:
Originally posted by ski2313
portfolio lenders aka banks that hold their own paper and can lend money however they wish (not fannie/freddie sellers)
And since most of them have seen their wholesale business skyrocket in recent months, many are not signing up new brokers at this time. |
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brianconner
354 Posts |
Posted - 07/08/2008 : 06:51:34 AM
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quote:
Originally posted by CoralSnake
quote:
Originally posted by ski2313
portfolio lenders aka banks that hold their own paper and can lend money however they wish (not fannie/freddie sellers)
And since most of them have seen their wholesale business skyrocket in recent months, many are not signing up new brokers at this time.
Really, how many true portfolio lenders are out there? ING, USBank, Wachovia, and Downey are the only ones that come to mind... |
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SCLoanGuy
33 Posts |
Posted - 07/08/2008 : 07:53:01 AM
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quote:
Originally posted by brianconner
quote:
Originally posted by CoralSnake
quote:
Originally posted by ski2313
portfolio lenders aka banks that hold their own paper and can lend money however they wish (not fannie/freddie sellers)
And since most of them have seen their wholesale business skyrocket in recent months, many are not signing up new brokers at this time.
Really, how many true portfolio lenders are out there? ING, USBank, Wachovia, and Downey are the only ones that come to mind...
Astoria has good rates on ARMs |
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rdcurry
406 Posts |
Posted - 07/08/2008 : 08:52:00 AM
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Downey Savings is still going strong, we are still taking new brokers, (CA & AZ only) You can view my rate sheet at www.downeywholesale.com
Bob Curry
Downey Savings Wholesale
562-795-1604 |
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avivafinancial
86 Posts |
Posted - 07/08/2008 : 10:30:30 AM
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quote:
Originally posted by blainoj
I called this place today and no one had any idea what was going on. The rep did not even know if they are portfolio or if they sell their loans. We looked at their rate sheet and called a few of the contacts and no one could answer any questions. If a rep cannot answer simple questions there is no way I'm sending a loan there. Check out the rate sheet and see if you notice anything wrong about it. Funny that the poster of this topic works for the company that produces the rate sheet for BayCal online. The URL for the rate sheet has his companies name in it.
i do not work for baycal nor produce rate sheets for baycal or assocaited with them. the rate sheet you found online would be listed at: http://www.avivarate.com/MortgageRates.htm. that is for our internal agents only. we download all of the rate sheets for every lender and uploaded so our agents can view them as not all of them receive daily rates. and we do not publicize our website as well tahts why the rates on our home page www.usloansaver.com may seem a little low. our website majority was used to host internal files and not meant for publication.
i was simply just sharing a new lender with others in this thread, whether u think they are good or not is up to you. you dont gotta start talking about other stuff. we've personally had some good turnouts with this lender but that may be different with differnt brokers. if you look at http://www.avivarate.com/MortgageRates.htm, and click any of the rate sheets, does that mean we make rate sheets for everyone? no, we simply offer this service for our agents.
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dkendall1979
10261 Posts |
Posted - 07/08/2008 : 10:35:23 AM
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I'm not a professional economist, but I can assure you that every S&L in the nation that was writing high LTV option arms over the last 7yrs is in jeopordy of failure within the next 2.5yrs
I'm a fan of Downey, but my money would feel better at BofA.
quote:
Originally posted by rdcurry
Downey Savings is still going strong, we are still taking new brokers, (CA & AZ only) You can view my rate sheet at www.downeywholesale.com
Bob Curry
Downey Savings Wholesale
562-795-1604
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avivafinancial
86 Posts |
Posted - 07/08/2008 : 10:40:45 AM
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we close quite some loans with Downey, but their turntimes are getting slower and slower. but then again so is ING.. and everyone else... but then the option arms theyve been funding, like dkendall1979 said, may come back to bite them in the next few years.
quote:
Originally posted by rdcurry
Downey Savings is still going strong, we are still taking new brokers, (CA & AZ only) You can view my rate sheet at www.downeywholesale.com
Bob Curry
Downey Savings Wholesale
562-795-1604
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dkendall1979
10261 Posts |
Posted - 07/08/2008 : 11:26:28 AM
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Cal 1st
Farmers and Merchants
First Federal
Luther Burbank
Bank of China
Bank New York Mellon
Monterey County Bank
Heritage Oaks
First Bank of San Luis
Los Padres Savings
Business First Bank
There are many many many "portfolio" lenders folks... The trick is getting them to do business with you. |
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hulkfunding
109 Posts |
Posted - 07/08/2008 : 2:40:11 PM
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Some major wholesalers are not taking on new brokers, but it pays to make sure of that before you sub a loan to one of these correspondent pass-through lenders.
YSP comparison 30yr fixed 6.375% 30-day as of 7/08 5pm:
Correspondent pass-through lenders:
Excel 6.375% (0.75)
Trust One 6.375% (0.50)
The real wholesale lenders:
Wells Fargo 6.375% (1.204)
Flagstar 6.375% (1.248)
Notice that HUGE difference in YSP? How competitive can you be in your market with that kind of a price differential if you have to use the correspondent pass-through lenders on a regular basis versus the real wholesale lenders? |
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rdcurry
406 Posts |
Posted - 07/08/2008 : 2:48:28 PM
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| So Dkendal are you saying people should not do business with Downey ? |
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